Business entities in Latvia

Healy Consultants assists our Clients to setup the optimal corporate structure for their business needs. There are several business entities in Latvia, the most common being the LLC. Foreign companies can also setup a JSC, a Branch office or a Representative office.

Limited Liability Company (SIA)

This is the most common business entity in Latvia. A Latvian LLC must appoint at least 1 shareholder and 1 director, who can be of any nationality. The minimum share capital required to set up a LLC is €2,800 with at least 50% deposited at registration;

Companies must be audited if they fall under two of the following three criteria i) over €800,000 in annual turnover ii) €400,000 in assets iii) average of 25 employees during the year;

There is a special type of LLC called the micro enterprise, which is an LLC with i) all individual shareholders ii) annual turnover less than €100,000 iii) less than 5 employees and iv) salary of each employee less than €720 per month. The minimum share capital required to set up a micro enterprise is €1.

Our Clients who wish to setup a holding company in Latvia, register an LLC. They then use this LLC as the corporate shareholder for subsidiaries around the world.

Joint Stock Company (AS)

This Latvian business setup can be incorporated with 1 shareholder and 1 director who can be of any nationality. However, if the company is publically listed, 3 directors will be appointed. The minimum share capital required for a JSC is €35,000;

JSCs can be setup either privately or via public subscription by listing on the stock exchange. There is only one stock exchange in Latvia, namely the NASDAQ OMX Riga, which has only 32 corporations listed. Our Clients may alternatively list their JSC in other stock exchanges in the EU.

The Branch office

The scope of operations of a branch office will be defined by the parent company. Additionally, the parent company will be accountable for all the liabilities of its branch;

A branch office is liable to the same reporting, tax and audit requirements as a resident company.

The Representative office

This Latvian business setup is not allowed to engage in commercial or productive activities. This entity can engage only in i) promoting the business of the parent company and ii) conducting market research;

Contact us

Testimonial

“Pirster Pte is happy with the work that Healy Consultants undertook for the company. International incorporation can be fraught with opacity, anxiety and vulnerability - especially if it is being done remotely as we did. Healy Consultants worked really hard to make it transparent, straight forward and confidence-inspiring. I look forward to working with Healey Consultants again on future work and happily recommend them to others.”

Fiona Thompson, Managing Director Pirster Pte.

“We had taken Healy Consultants assistance in incorporating our entities in some of the complicated jurisdictions. Their approach right from the beginning has been very systematic, clear and efficient. It has been a pleasure to work with all of them.”

“Thank you Healy Consultants for swiftly project managing my engagement. From the moment I met you in Singapore Healy Consultants attended to my requirements and specific needs. I am more than satisfied with your service. Moreover, your weekly updates allowed me to continue to focus my attention on my global business while trusting you to deliver as promised.”

“Thank you Healy Consultants, you were instrumental in setting up of my Hong Kong based company, the whole process was completed in a professional and timely manner.”

Terry Skews, CEO Brittany Offshore Limited

“Healy Consultants, a professionally managed firm with clear understanding and knowledge about what client expects from them and delivers the same in a professional and timely manner. Kudos to their team.”

“Incorporating any company is comparable to setting the foundation blocks of your new company building, which you aim to build in the best location available. By choosing Healy Consultants you are laying the perfect foundations.”

“The one word that defines Healy Consultants is perfect professionalism. If you have Healy to set up your business abroad, you could focus on the operational overhead and let Healy take care of the rest. From Incorporation to Taxation, it’s a one stop solution. Rest assured, you will have the best people in the Industry working for you and providing you with the best possible information and suggestions.”

Raja Chakraborty, Director Streamlyn Pte. Ltd.

“Thank you Healy Consultants for successfully project managing our business set up in Kuwait, Lebanon, Qatar and Bahrain.”

“When it was time to establish a Space Academy in Singapore, TriVector needed a knowledgeable firm that could not only help us establish our infrastructure, but could also advise on the local and regional business climate. Healy was that firm, which is why we've been satisfied Healy Consultants for almost five years now.”

Timothy F Kauffman, CEO Trivector Services

“Finding the right partner was critical for VESL’s expansion in Asia and working with Healy Consultants has made this possible.”

“Healy Consultants were instrumental in the set up of our company. They have continued to provide exceptional support and advice over the years.”

Susan Gunnery, Managing Director Qudoss Group

“Healy Consultants is the best firm that we have ever worked with. Through our entire business relationship we were satisfied with provided level of quality and services. Healy Consultants have been responsive and detail oriented which has allowed us to stay focused on our business and not getting distracted with small details.”